South Australian hard produce company Mitolo Group has acquired assets of Oakville Produce, according to the Australian Financial Review.
Deloitte has overseen the sale of Oakville’s assets after the company’s major creditor, Commonwealth Bank, put it into receivership on 11 May. The vertically-integrated potato and onion company’s assets include farms and packaging facilities in New South Wales (NSW) and South Australia.
The Mitolo Group acquired Oakville’s South Australian potato farms, and packaging facilities in Brisbane, Melbourne and Sydney on 23 September.
Deloitte has also found a buyer for Oakville’s 4,000ha of farmland in NSW, including operations at Hillston, with a deal to be completed within six weeks.
Formerly Moraitis Group, Oakville was majority-owned by Hong Kong’s Chevalier International, which bought a 70 per cent stake in 2013, and was the leading supplier of potatoes to Australian retailer Woolworths.
Earlier this year, Oakville announced it hadsold its banana divisionto the newly established Nutrano Produce Group.
The Mitolo Group has been contacted for comment.
